The campaign for the government to enact a new law to manage the country’s mineral revenue is gathering momentum, as the latest to throw his weight behind the clarion call is natural resource governance expert Dr. Steve Manteaw.
Dr. Manteaw agrees that the country’s gold revenues deserve the same discipline Ghana has applied to oil with the enactment of the Petroleum Revenue Management Act.
The call is being championed by the Ghana Chamber of Mines, which believes it is high time the country enacts a law to ensure transparency, investment, and intergenerational equity of Ghana’s mineral resources.
In a reaction backing the Ghana Chamber of Mines advocacy, Dr. Manteaw said Ghana has done “beautifully” with oil revenue governance under the Petroleum Revenue Management Act, and it is time to replicate that success in the mining sector, especially gold.
Why Gold Revenues Need Structure
Gold revenues are currently too exposed to ad hoc spending and short-term pressures. Without a clear legal framework, mineral revenues risk being consumed during boom periods, leaving the country vulnerable when prices fall.
Dr. Manteaw stressed that a properly designed minerals revenue law could help support domestic production and also smooth Bank of Ghana interventions in the forex market, reinforcing the currency stability Ghana is beginning to enjoy.
Rather than creating a standalone law that operates in isolation, Dr. Manteaw proposed harmonising a minerals revenue framework with the Petroleum Revenue Management Act to form a unified natural resource revenue system.
This, he argues, would bring consistency, clarity and stronger accountability across oil, gas and minerals.
“I strongly urge gov’t to consider passing a mineral revenue management framework to direct some of the windfall from gold to support domestic production and to smoothen out BoG’s intervention in the forex market. This will help sustain the forex stability we currently enjoy,” Dr. Manteaw remarked.
He added, “Better still, we may want to harmonize the proposed mineral revenue management framework with the Petroleum Revenue Management Act to create a common natural resource revenue management framework.”
The Six Guiding Principles
Dr. Manteaw outlined six simple but powerful principles that should guide any minerals revenue law:
First, clear expenditure and savings rules to prevent reckless spending during boom years.
Second, firm guidance on how revenues can be invested, prioritising long-term development.
Third, a Stabilisation Fund to cushion the budget from volatile commodity prices.
Fourth, a Heritage Fund to protect the interests of future generations.
Fifth, strong citizen oversight through a PIAC-style mechanism to track how funds are used.
Finally, a legal requirement for the Finance Minister to submit an annual reconciliation report to Parliament as part of the budget process.
Managing Boom-and-Bust Cycles Better
Experts note that commodities like gold are prone to sharp price swings, which can destabilise government planning if revenues are not carefully managed. A rules-based revenue management regime would introduce discipline and predictability into public finances.
Dr. Manteaw believes Ghana should stop treating mineral revenues as easy money. Instead, they should be managed deliberately, transparently, and with future generations in mind.
